Archive for the 'Kitsilano' Category
Do Older Vancouver Condo Buildings Appreciate Well?
August 25th, 2010 Categories: Kitsilano, Market Data, Real Estate
I often get this question from Vancouver condo buyers. They are concerned about the possible special assessments and building repairs that are required for older buildings. Some buyers will select newer buildings and settle for less space, so as to have the 2/5/10 year BC Home Warranty.
I just did an analysis of Kits condo buildings for a current buyer client and compared the sales of condos between $300,000 and $400,000 from January to July 2009 and the same for 2010. Here’s what I found.
In 2009 sales in buildings from 0-5 years old averaged $551 psf. Buildings from 5-10 years old averaged $537psf and buildings over 10 years averaged $520psf.
In 2010 sales in buildings from 0-5 years old averaged $683psf. Buildings from 5-10 years old averaged $602psf and buildings over 10 years averaged $563psf.
Condo buildings under 5 years appreciated $132psf in that time period, whilst buildings 5-10 years old appreciated $65psf and the buildings over 10 years appreciated $43psf. These figures are an average and don’t take into consideration any specifices , such as location, amenities, etc.
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Vancouver Real Estate Analysis for Kitsilano
August 5th, 2010 Categories: Kitsilano, Market Data
Kits condos in July saw listings dow 14% from June and the fourth consecutive month listings have decreased. July sales flat at 33, equal to Jun’08, and supply down to 4 months vs 1.6 months in Dec’09. Days on market increased from 27 to 39. Average $psf down to 581 and average sold price also down to $425,000. sale price to list price ratio flat at 98%. A whopping 70% of sales under $500,000, up from 60% in April and 50% in March. Average sold price now equal to Jun’09. Average sold priced peaked in Sept’09. 15% of the listings came off the market.
Vancouver reflections – Kits market coming back into balance. 39 days to sell a property is still pretty good and only 4 months of inventory but a bottom end market. Read the rest of this entry »
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Real Estate Analysis for Kitsilano
June 7th, 2010 Categories: Kitsilano, Market Data, Real Estate
Kitsilano condo market in May rocks! Listings down slightly to 191 but still 4 times higher than Dec’08, and solds up almost 10%. One & two bedrooms selling equally well. The average sale price equal to Oct’09 but less than Sept’09 and May’08 which were the highest. $psf equal to Sept’09 at $605. Average days on the market down to only 19 and 41% of the sales sold at or over list price. List price to sale price ratio steady at 99%. 68% of sales under $500k, up from 60% last month and 50% in March. Certainly a very healthy market with only 3.5 months of supply.
Vancouver Reflections: i was involved in many multiple offer situations in the Kits market in May and noticed the speed at which properties were selling. I also observed that as soon as the seller dropped the list price they got an offer, in most cases the property was only on the market for a couple of weeks. The prices have certainly topped and overall the market is squishy and prices are soft. If sellers price at what they should sell for the property will attract offers. The buyers can enjoy purchasing in a buyers market but they still can’t dilly tally too long. Expect summer to slow down, as always, which will present better buyer opportunities.
Listings- 191 - 13 listed under $300,000 (up from 6 in Apr) 46 listed between $300,000 and $400,000. 66 listings between $400,000 and $500,000, 25 listings between $500,000 and $600,000 and 23 listed between $600,000 & $700,000, 16 between $700,000 and $1M and 2 listed over $1M. Read the rest of this entry »
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Kitsilano Real Estate Analysis
May 6th, 2010 Categories: Kitsilano, Market Data, Real Estate
April saw Kitsilano listings up 15% to a high of 200, which is the highest since we started tracking them in April 2008. The solds dropped about 10%. One & two bedrooms selling equally well. The average sale price and $psf & average days on the market all up slightly. List price to sale price ratio steady at 99%. 60% of sales under $500k, up from 50% last month. Certainly a healthy market but with such a high inventory expect to see prices level.
Listings- 200 - 11 listed under $300,000 (up from 6 last month) 50 listed between $300,000 and $400,000. 58 listings between $400,000 and $500,000, 35 listings between $500,000 and $600,000 and 23 listed between $600,000 & $700,000, 21 between $700,000 and $1M and 2 listed over $1M. Read the rest of this entry »
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Kitsilano Real Estate Analysis
April 16th, 2010 Categories: Kitsilano, Market Data
March saw an increase in both listings and solds in Kitsilano condos, with listings increasing about 60% and the highest since No’08. Solds doubled from Feb, with an equal ratio of sales in l and 2 bedrooms. However, the average sale price and $psf both dropped slightly and the average days on the market dropped by half, to 17 which is on par with 2 years ago . List price to sale price ratio steady at 99%. 70% of sales under $500k, same as previous month. 15 listings didn’t sell or were cancelled, up from 6 the previous month. Market balancing.
Listings- 171 - 6 listed under $300,000. 55 listed between $300,000 and $400,000. 52 listings between $400,000 and $500,000, 27 listings between $500,000 and $600,000 and 21 listed between $600,000 & $700,000, 16 between $700,000 and $1M and 2 listed over $1M. Read the rest of this entry »
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Kitsilano Real Estate Analysis
March 4th, 2010 Categories: Kitsilano
Steady as she goes! Kitsilano real estate analysis condos for February saw listings and sales on par with January. Both listings and sales equal to a year ago but substantially less than feb’08. The average selling price spiked to $487,000 as more high end condos sold and more 2 bedrooms than l bedrooms. However, the average $psf much the same at $614, up from $511 a year ago and an all time high. Average Days on the market now 36 which is on par with a year ago but more than feb 2008 when it was 18. List price to sale price ratio steady at 99%. 70% of sales under $500k. 6 listings didn’t sell or were cancelled.
Listings- 107. 3 listed under $300,000. 26 listed between $300,000 and $400,000. 37 listings between $400,000 and $500,000, 13 listings between $500,000 and $600,000 and 16 listed between $600,000 & $800,000, 9 between $800,000 and $1M and 3 listed over $1M. Read the rest of this entry »
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Kitsilano Real Estate Analysis
February 6th, 2010 Categories: Kitsilano
Listings more than doubled and sales increased 50% over December. Kits listings and sales equal to January 2008. Kitsilano real estate analysis condos for January saw the average selling price drop to $433,000 and the one bedrooms were two thirds of the sales. Average $psf for solds up to $625 from $498 a year ago and an all time high. Average Days on the market for sold condos down to 21 from 68 a year ago. List price to sale price ratio 99% from 95% a year ago. December saw 70% of the sales under $500,000. 6 listings didn’t sell or were cancelled. A healthy start for the year.
Listings- 103 . 3 listed under $300,000. 25 listed between $300,000 and $400,000 (up from 9 last month), 31 listings between $400,000 and $500,000 (up from 16) ,14 listings between $500,000 and $600,000 and 27 listed between $600,000 & $1M (up from 10), 3 listed over $1M. Read the rest of this entry »
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Vancouver Real Estate Analysis for Kitsilano
January 7th, 2010 Categories: Kitsilano, Real Estate
Listings and sales down. Kits condo supply at a record low for the year. Listings dropped from 104 in January to only 46. Vancouver real estate market analysis for Kitsilano condos for December saw the average sale price up to $461,000 from $440,000 a year ago. Average $psf for solds up to $572 from $498 a year ago. Average Days on the market for sold condos up to 25 from 68 a year ago. List price to sale price ratio 98% from 95% a year ago. December saw 75% of the sales under $500,000. 10 listings didn’t sell or were cancelled, the highest numbr for the last 6 months. Market still in need of listings.
Listings- 46 . 1 listed under $300,000. 9 listed between $300,000 and $400,000, 16 listings between $400,000 and $500,000. 10 listings between $500,000 and $600,000 and 10 listed between $600,000 & $1M. Currently there are 1 studios listed, 22 are one bedrooms and 22 are 2 bedrooms and one 3 bedroom Read the rest of this entry »
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Vancouver Real Estate Analysis for Kitsilano
December 16th, 2009 Categories: Kitsilano, Real Estate
Listings and sales down. Kits condo supply at a record low for the year. Vancouver real estate market analysis for Kitsilano condos for November saw the average sale price dipped to $428,000 as more lower condos sold. Average $psf for solds $566. Average Days on the market for sold condos up to 26. List price to sale price ratio 99%, indicating a seller’s market. October saw 80% of the sales under $500,000. 5 listings didn’t sell or were cancelled, same as October and up from 2 in Sept and 6 in August. Overall a good year, market still in need of listings.
Listings- 65 . 3 listed under $300,000. 9 listed between $300,000 and $400,000, 25 listings between $400,000 and $500,000. 11 listings between $500,000 and $600,000 and 16 listed between $600,000 & $1M and 1 listed over $1M. Currently there are 2 studios listed, 30 are one bedrooms and 36 are 2 bedrooms.
2008 Listings -Dec 117 , Nov 171, Oct 187, Sept 184, Aug 166, July 159, Jun 157, May 145, Apr 130 Read the rest of this entry »
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Vancouver Real Estate Analysis for Kitsilano
November 6th, 2009 Categories: Kitsilano, Real Estate
Listings at a record low for the year and sales at a record high. Kits condo supply dropped from 2 months in Sept to 1.6 months in October. Vancouver real estate market analysis for Kitsilano condos saw October listings flat at 80. Sales increased 25% to 50, the highest for the last 22 months, tied with July which is the highest for the year, and three times as many as October’08. The average sale price dipped to $474,000 but is higher than a year ago. Average $psf for solds $584. Average Days on the market for sold condos up slightly to 18. The last quarter have had the lowest DOM for the year. List price to sale price ratio back to 100%. A whopping 75% sold at or above list price, indicating many buyers still looking to buy. October saw 65% of the sales under $500,000. Only 5 listings didn’t sell or were cancelled, up from 2 in Sept and 6 in August. Only one of the expireds was relisted. Market needs some more listings.
Listings- 80 . 3 listed under $300,000. 27 listed between $300,000 and $400,000, 21 listings between $400,000 and $500,000. 13 listings between $500,000 and $600,000 and 15 listed between $600,000 & $1M and 1 listed over $1M. Currently there are 2 studios listed, 38 are one bedrooms and 40 are 2 bedrooms. Read the rest of this entry »
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